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Eros International Media Ltd.

BSE: 533261 Sector: Media
NSE: EROSMEDIA ISIN Code: INE416L01017
BSE 15:46 | 27 Mar 2018 Eros International Media Ltd
NSE 05:30 | 01 Jan 1970 Eros International Media Ltd
OPEN 169.00
PREVIOUS CLOSE 166.25
VOLUME 100843
52-Week high 308.40
52-Week low 167.30
P/E 25.88
Mkt Cap.(Rs cr) 1,607
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 169.00
CLOSE 166.25
VOLUME 100843
52-Week high 308.40
52-Week low 167.30
P/E 25.88
Mkt Cap.(Rs cr) 1,607
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Eros International Media Ltd. (EROSMEDIA) - Auditors Report

Company auditors report

To the Members of Eros International Media Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

1. We have audited the accompanying standalone financial statements of ErosInternational Media Limited (“the Company”) which comprise the Balance Sheet asat 31 March 2015 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014 (as amended). This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act; safeguarding the assets of theCompany; preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by the Companies (Auditor's Report) Order 2015 (“the Order”)issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. As required by Section143(3) of the Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors as on 31March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms ofSection164(2) of the Act;

f. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. as detailed in Note 21 to the standalone financial statements the Company hasdisclosed the impact of pending litigations on its standalone financial position;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Walker Chandiok & Co LLP

(formerly known as Walker Chandiok & Co)

Chartered Accountants

Firm Registration No: 001076N/N500013

per Adi P. Sethna

Partner

Membership No: 108840

Place : Mumbai

Date : 29 May 2015

Annexure to the Independent Auditor’s Report of even date to the members of ErosInternational Media Limited on the financial statements for the year ended 31 March 2015

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies between physical inventory and book records were noticed on physicalverification.

(iii) The Company has granted unsecured loans to companies and firms covered in theregister maintained under Section 189 of the Act; and with respect to the same:

(a) the principal amounts are repayable on demand and since the repayment of such loanshas not been demanded in our opinion receipt of the principal amount is regular; and

(b) there is no overdue amount in respect of loans granted to such companies and firms.

(iv) In our opinion certain items purchased are of a specialized nature for whichsuitable alternative sources do not exist for comparative quotations. However there is anadequate internal control system commensurate with the size of the Company and the natureof its business for the purchase of content related consumables and fixed assets and forthe sale of fixed assets services and film rights. During the course of our audit nomajor weakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under subsection (1) of Section 148 of the Act in respect ofCompany's products/ services. Accordingly the provisions of clause 3(vi) of the Order arenot applicable.

(vii) (a) Except for undisputed statutory dues in respect of income tax and servicetax the Company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance duty of customs duty of excise value addedtax cess and other material statutory dues as applicable with the appropriateauthorities. Undisputed amounts payable in respect thereof which were outstanding at theyear-end for a period of more than six months from the date they became payable are asfollows:

Name of the statute Nature of the dues Amount (' in lakhs) Period to which the amount relates Due Date Date of Payment
Finance Act 1994 Service tax** 152.51 Financial Year 2010-11 Various dates Unpaid

** The Finance Act 2010 levied service tax on temporary transfer of copyright in theperiod 1 July 2010 to 30 June 2012. In 2011 the Company filed a writ petition in MumbaiHigh Court challenging the constitutionally and the legality of this entry and receivedad-interim protection and accordingly no amounts were provided for by the Company for theperiod 1 April 2011 to 30 June 2012.

(b) Dues outstanding in respect of income-tax wealth tax service tax duty ofcustoms duty of excise value added tax and cess on account of any dispute are asfollows:

Name of the statute Nature of dues Amount (' in lakhs) Amount Paid Under Protest (' in lakhs) Period to which the amount relates Forum where dispute is pending
Central Sales Tax Act 1944 Sales tax 28.63 - Financial Year 2005-06 and 2008-09 Joint Commissioner of sales tax (Appeals)
Maharashtra Value Added Tax 2002 Sales tax 285.06 - Financial Year 2005-06 and 2008-09 Joint Commissioner of sales tax (Appeals)
Income tax Act 1961 Income tax 6.67 - Assessment Year 2002-03 to 2004-05 Commissioner of Income Tax (Appeals)
Income tax Act 1961 Income tax 36.75 Assessment Year 2004-05 High Court

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder. Accordingly the provisionsof clause 3(vii)(c) of the Order are not applicable.

(viii) In our opinion the Company has no accumulated losses at the end of thefinancial year and it has not incurred cash losses in the current and the immediatelypreceding financial year.

(ix) The Company has not defaulted in repayment of dues to any bank or financialinstitution during the year. The Company did not have any outstanding debentures duringthe year

(x) In our opinion the terms and conditions on which the Company has given guaranteefor loans taken by others from banks or financial institutions are not prims facieprejudicial to the interest of the Company.

(xi) In our opinion the Company has applied the term loans for the purpose for whichthese loans were obtained.

(xii) As per the information and explanations given by the management no materialfraud on or by the Company has been noticed or reported during the period covered by ouraudit.

For Walker Chandiok & Co LLP

(formerly known as Walker Chandiok & Co)

Chartered Accountants

Firm Registration No: 001076N/N500013

per Adi P. Sethna

Partner

Membership No: 108840

Place : Mumbai

Date : 29 May 2015